From ET Realty
NEW DELHI: To boost sales in a slowing market, FDI-funded realty firm SARE Homes on Monday said it will offer 10 per cent guaranteed annual return till possession relating to its two housing projects in Gurgaon and Chennai.
SARE Homes, which has been in operation in India since 2006, is an offshore fund promoted by the London-based Duet Group focused on developing residential real estate in India. The company is developing seven integrated townships in India.
The real estate sector is facing demand slowdown for the last 3-4 years. This has resulted in a huge delay of up to 7-8 years in deliveries of projects and unsold inventories of nearly 7 lakh in eight big cities of the country.
SARE Homes, in a statement, said it has introduced a new investment plan for its project ‘Sports ParC’ at SARE Crescent ParC Township, Gurgaon, and Expandable Villas at SARE Crescent ParC at OMR and GST, Chennai.
The company is launching about 200 units in the Gurgaon project and 300 in Chennai, SARE Homes MD Vineet Relia said.
“Earning robust returns after investment is a cause for great concern among buyers. With this plan, there is an implicit assurance of timely possession of homes because we are offering buyers 10 per cent guaranteed annual return from the time of booking until possession,” he added.
Relia said the interest will be quarterly to the buyers of units in these projects.
With assets in India valued at Rs 4,100 crore, SARE’s equity is held by global institutional investors such as Forum Partners and Goldman Sachs Principal Strategy Asia.